CyberArk Software (CYBR) delivered impressive fiscal third-quarter 2024 results, exceeding analyst expectations on both revenue and earnings. The company’s focus on identity security, fueled by a strategic acquisition, is driving strong growth and bolstering its position in the rapidly evolving cybersecurity market. The news sent CYBR stock soaring in pre-market trading.
RBC Capital Markets analyst Matthew Hedberg initiates coverage of CyberArk Software with an Outperform rating, citing strong growth potential in the identity security market. Hedberg expects CyberArk’s recent acquisition of Venafi to accelerate growth and believes the company can maintain a 20% organic growth rate for several years.
Okta, Inc. (OKTA) exceeded analysts’ expectations for both earnings and revenue in its second quarter, highlighting strong growth in subscription revenue and remaining performance obligations. The company also provided positive guidance for the third quarter and fiscal year 2025.
